v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities    
Net (loss) income $ (44,086,000) $ 70,680,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Digital assets received as revenue (including interest income) (9,665,000) (4,850,000)
Digital assets paid for expenses (including interest expense) 4,130,000 101,000
Depreciation and amortization 1,056,000 693,000
Amortization of debt discount 1,301,000 529,000
Share-based compensation 3,316,000 1,337,000
Deferred income taxes 0 19,042,000
Net (gain) loss on digital assets 34,603,000 (95,561,000)
(Gain) loss from derivative instruments (10,587,000) (4,639,000)
Gain on retirement of debt (2,849,000) 0
Net loss (gain) on investment activity 1,819,000 (432,000)
(Gain) loss from changes in fair value of contingent consideration 0 (64,000)
Loss on disposition of Janover Pro 0 1,958,000
Other 5,319,000 0
Changes in operating assets and liabilities:    
Accounts receivable 37,000 (605,000)
Prepaid expenses (301,000) 164,000
Other assets (2,845,000) (87,000)
Accounts payable and accrued expenses (2,233,000) 4,891,000
Deferred revenue (15,000) (102,000)
Right of use liability, net 0 (96,000)
Net cash used in operating activities (21,000,000) (7,041,000)
Investing Activities    
Purchase of digital assets (50,248,000) (216,661,000)
Proceeds from sales of digital assets 39,183,000 0
Settlement of option contracts 0 (17,404,000)
Disposition of Janover Pro 0 (1,250,000)
Acquired intangible assets 0 (994,000)
Purchases of investments (1,842,000) 0
Proceeds from the sale of investments 942,000 0
Other 10,000 (2,000)
Net cash used in investing activities (11,955,000) (236,311,000)
Financing Activities    
Repayments of short-term debt (107,000) (267,000)
Proceeds from convertible notes 0 148,913,000
Repurchase of convertible notes (4,958,000) 0
Proceeds from issuance of common stock, net of offering costs 43,046,000 129,782,000
Proceeds from the issuance of variable rate series C perpetual preferred stock, net of offering costs 11,461,000 0
Payments related to employee stock plan taxes (193,000) 0
Proceeds from warrant exercises 55,000 2,000
Proceeds from issuance of common stock under employee stock plans 0 95,000
Payment for prepaid forward stock purchase 0 (75,636,000)
Repurchase of common stock (10,502,000) 0
Payments of offering costs (526,000) (6,989,000)
Net cash provided by financing activities 38,276,000 249,636,000
Net increase (decrease) in cash and cash equivalents 5,321,000 6,284,000
Cash and cash equivalents, at beginning of period 5,920,000 2,517,000
Cash and cash equivalents, at end of period 11,241,000 8,801,000
Supplemental Information of Cash Paid Information    
Cash paid for interest 6,640,000 248,000
Cash paid for taxes, net of refunds 292,000 26,000
Supplemental Schedule of Non-cash Investing and Financing Activities    
Common stock issued for asset acquisition 0 3,000,000
Digital asset financing arrangement borrowings 232,661,000 104,147,000
Repayments of digital asset financing arrangements 101,825,000 37,629,000
Digital assets received from convertible notes and warrants 0 42,912,000
Digital assets received from common stock issuances 0 3,150,000
Conversion of convertible notes to common stock 0 17,680,000
Common stock issuance in connection with equity line of credit commitment fee 6,303,000 3,187,000
Warrant dividend distribution 124,000 0
Financing of prepaid insurance premiums $ 0 $ 516,000